FILE PHOTO: A view of the building of Tesla's production plant in Gruenheide outside Berlin, Germany, March 5, 2024, after the site lost power following a suspected arson attack on a nearby pylon. REUTERS/Lisi Niesner/File Photo
"First impression for us is CEO Elon Musk is appeasing the market by accelerating new product launches," Jefferies analysts, led by Philippe Houchois, said in a note. Some Tesla investors such as Ross Gerber - president and CEO at Gerber Kawasaki Wealth & Investment Management - had said in recent days that they planned to oppose the package, citing a decline in Tesla's share price and a compromised board.
Musk declined to provide details of the more-affordable models, and instead spent much of the earnings call on Tesla's efforts to diversify its business with AI, humanoid robots and operating a fleet of autonomous vehicles - all based on software and hardware products it has not yet fully developed.